This year, American vacation rentals are projected to create nearly $20 billion in revenue.
If you're a homeowner who has a separate apartment in the house or you leave your house vacant on a regular basis, renting out your home is a smart move. It's a great way to earn side income and turn your home into an investment property.
There's a right and wrong way to do it, however. In today's post, we'll give you some home-sharing tips to help you bolster short-term rental bookings and ensure your home is well looked after. This is a great opportunity, so keep reading and learn how to rent out your home the right way.
Get Your Home Ready
Getting your home ready to become a vacation rental property means de-personalizing it. If your belongings - pictures, clothes, paperwork, etc. - are lying around the home, it'll be hard to secure bookings from good guests.
You're essentially going to have to stage your home, which can be difficult if you're living in it half the time. Make sure to clean up and put away personal items and valuables, not only to get more bookings but to ensure your property is safe while strangers are occupying your home.
Use a Reputable Listing Site
When it comes time to list your home, always use reputable listings sites, like VRBO and Airbnb. These make it easy to get started on your listing and even easier to screen potential renters.
Creating your listing is a crucial aspect of the vacation rental process. You need to have professional photos that show the most important details of the unit.
You also need to write a detailed description of the property and surrounding area, including all of the amenities you have to offer. In terms of the location, make sure to highlight some of the best parts of your Park City neighborhood. This should help entice tourists to choose your rental.
As mentioned above, screening renters is very important and some of the bigger sites will do the legwork for you. They also allow property owners to rate their guests afterward, so you can see what potential guests' ratings are before you allow them into your property.
That said, there are red flags you should look out for as well. Large groups of unrelated people may signify parties, while people who don't have any ratings or information in their profile may signify a scammer. Stay diligent with your screening because it's not worth the trouble of having poor guests in your vacation rental.
Home-Sharing Tips Made Easy
These are a few home-sharing tips to help you turn your property into a lucrative vacation rental. Whether you live in the property or it is an investment property you have on the side, running a vacation rental can be a lot of work.
If you need help managing your rental, it might be time to call in a property manager. At PMI Park City, we can help bring your Utah vacation home to new heights.
Contact us today to learn how we take care of guests and your property with our amazing property management services.